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Paloma Rheem Holdings Co., Ltd. acquires the entire shareholding of Fujitsu General Limited under the Green Channel route. The transaction involves the acquisition of shares by the acquirer to realize long-term growth and development opportunities. The parties report no horizontal overlaps, vertical relationships, or complementary activities in India. The competition commission receives the notice under Section 6(4) of the Competition Act, 2002.
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SUMMARY UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024
(a) Name of the parties to the combination
(b) Nature and purpose of the combination 3. The proposed transaction relates to Paloma Rheem's acquisition of the entire shareholding of Fujitsu (Proposed Transaction). 4. The Proposed Transaction will enable Paloma Rheem to realize long-term growth and development opportunities.
(c) Products, services and businesses of the parties to the combination
Acquirer 5. Paloma Rheem is a holding company of (i) Paloma Co., Ltd., which is engaged in the business of manufacture and sale of gas water heaters and gas stoves in Japan, and (ii) Rheem Manufacturing Company which operates in the water heating, ventilation, and air conditioning fields mainly in North America, South America, Europe, and Australia.
Target 6. Fujitsu, globally, is engaged in the development, manufacture, sales, and service of products and components in the air conditioner, information & communication system and electronic device businesses.
(d) The respective market(s) in which the parties to the combination operate 7. There are no horizontal overlaps, vertical or complementary relationships between the activities of the Parties, in India. 8. Accordingly, the Proposed Transaction does not raise any risk of appreciable adverse effect on competition in India.
(e) Green Channel route 9. Given there are no horizontal overlaps, vertical or complementary relationships between the activities of the Parties, in India, the Proposed Transaction is being filed under the Green Channel route with the Hon'ble Competition Commission of India in accordance with Section 6(4) of the Competition Act, 2002 read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024.
